Shipping your trust over the state line to realize tax savings
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Description
Abstract: It’s not uncommon for families to relocate to another state to enjoy lower state income taxes. But trusts can follow a similar strategy. This article takes a closer look at how to change a trust’s residence, or “situs,” to a state with lower (or no) income taxes, explaining the different tax treatment accorded to revocable trusts vs. irrevocable “grantor” trusts.
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